In spite of commentary from certain quarters questioning the future of the office, FHP have concluded another sale of a self contained office building in their heartland at Chilwell Meadows, Nottingham which shows that there is still Investor demand to purchase good quality well let buildings.

2 – 4 Regan Way was let in January 2020 to Baldwins Accountants, comprising an 8,000ft² self contained office building let at a rental of £113,000 per annum and sold to Private Investment Clients for £1,425,000 reflecting a net initial yield of approximately 7.2% net of costs.

Take up and demand within the office sector has undoubtedly been affected by Covid but reassuringly new enquiries are being received which shows that companies are still seeking to think strategically and progressively despite all of the constraints and uncertainty which have been caused by the pandemic.

The message from FHP is clear and simple – that whilst we are in a challenged and more constrained market there is still life out there and we would be delighted to provide commentary from a property perspective to complement onward business planning.

Contact: John Proctor

Tel: 0115 950 7577

Email: johnp@fhp.co.uk

Date: August 2020

Savills, on behalf of Nottingham One Limited, has sold the Nottingham One office scheme on Canal Street to the UKRO II Limited Partnership (UKRO II). The commercial element was acquired on a long leasehold basis for £9.225 million, reflecting a net initial yield of 7.51%.

Comprising 54,007 sq ft (5,017 sq m), Nottingham One includes six self-contained office suites alongside 114 of the 256 on-site car parking spaces. The building is currently fully let to a diverse range of occupiers, generating a passing rent of £739,688 per annum.

Situated in a prominent waterside position in Nottingham’s Southside district, the landmark development is also home to 242 residential units. The retained ground rent element will be offered to the market later this year.

Victor Ktori, head of office at Savills Nottingham, comments: “We are very pleased to have secured the sale of this landmark city centre office investment, especially within the current climate. Nottingham’s fundamentals remain strong and the city has received interest from both domestic and overseas investors who are looking to capitalise on this in order to acquire assets that generate strong returns and also provide future re-positioning potential.”

Ali Hossain, Director of Strategic Investments at Select Group comments:  “We are very pleased to have concluded this sale with Savills. Victor is a wealth of knowledge on the local market, has great conviction about the prospects for Nottingham and, importantly, achieved the targeted results sought. We look forward to working with him on the sale of the freehold.”

UKROII is represented by ADAPT Real Estate as UK asset managers and Ship Street Advisors as investment advisors, and was advised by Mark Tomlinson at FHP Property Consultants.

James Taylor, Director at ADAPT Real Estate comments: “This is the second acquisition for UKRO’s second partnership, and takes UKRO’s total investment in regional city centre markets to in excess of £125m.  It is also our second acquisition in Nottingham, having acquired the Axis building last November”

Mark Tomlinson, Director at FHP commented : “This asset provides opportunity for rental growth given the almost chronic under supply of quality office space in Nottingham City Centre.  Alongside the regeneration of the south side and the development of the Broadmarsh and Nottingham College City Hub, the asset sits well and we are anticipating good levels of demand for the offices, one of which is being brought forwards for occupation later in the year.”

 ENDS

 Contact: Mark Tomlinson

Tel:          07917 576 254

Email:     mark@fhp.co.uk

Date:      April 2020

FHP Property Consultants are pleased to announce the completion of a sale and leaseback on behalf of clients Antone Displays Limited at 167 Scudamore Road with the purchaser, a private investor, advised by CPP.

Antone, a leading manufacturer of high quality bespoke and multiple retail displays saw an opportunity to restructure the business by agreeing a sale of their existing premises on Scudamore Road with a lease back in place for a number of years to continue business as usual.  The business has been operating from Leicester since the 1970 and has an established client base UK wide.

Chris Proctor of FHP Property Consultants commented on the deal:

“Antone Displays offered a good quality regional covenant employing over 80 staff across two sites in Leicester on competitive lease terms in a strong logistical and industrial location ideal for investors.  The business has a further unit on the estate that is equally available for a sale and leaseback and I would be happy to discuss with investors this further opportunity.”

Stuart Waite of CPP who acted on behalf of the purchaser commented:

“This asset fits nicely into my clients existing portfolio and we are delighted to get this deal over the line in what is still a very competitive market for small industrial investment stock.  Antone Displays were impeccable throughout the sales process and my client looks forward to developing a strong Landlord and Tenant relationship with them over the coming years”

For further information on the investment sale, please contact Chris Proctor of FHP Property Consultants on 0115 9507577 / chris@fhp.co.uk.

Much has been written and said about the problems being experienced by the High Street, particularly outside of the major cities within the UK.

The shape of our High Street is changing but there is still demand from Investors for well secured investment opportunities in prime locations as witnessed by FHP’s recent sale of 1 Market Place, Chesterfield on behalf of PDR Construction Limited.

The Sorbo Lounge opened in 2018 forming one of the trading brands of Loungers PLC which was formed in Bristol in 2002 with a successful restaurant group now trading from approximately 146 outlets throughout the UK.

FHP were, in conjunction with Williams Property Consultants, asked to sell the ground floor restaurant occupied by Loungers on a 15 year lease from August 2018 at a rental of £57,000 per annum.

A sale of the property was agreed prior to sales particulars being produced to Private Investors advised by Phillips Sutton at a sale price of £780,000 for the long leasehold interest reflecting a net initial yield of approximately 6.8%.

The sale of the ground floor completes the successful refurbishment of the entire building undertaken by PDR Construction who were instrumental in obtaining planning consent for the upper floors for residential development and refurbished as apartments.

Contact: John Proctor

Tel:          0115 950 7577

Email:     johnp@fhp.co.uk

Date: 27th January 2020

Despite the market uncertainty and increasing political turmoil, which had almost become the status quo, the East Midlands continued to perform well in 2019 with occupiers looking to make progressive moves but being hampered by a general lack of good quality supply.  This continued demand and squeeze on supply has resulted in an improvement in office and industrial rents in the region.

Latest indicators suggest that average City Centre office rents in Nottingham have increased by nearly 50% since 2014, with further growth anticipated before new build supply is brought forwards.  Sustained increases in industrial rents continue to provide yield improvement and opportunity to add value in the second hand market, we are now seeing a number of speculative developments due to be completed in the region throughout 2020.

Following the election result, Westminster is turning its attention to the Midlands and the North with a planned boost in infrastructure investment to further stimulate the economy.  There remains a sense that there is pent up demand in the region from occupiers and investors alike and with the certainty provided by the general election result and clarity over the UK’s Brexit position, we are hoping to see a ‘bounce’ early in the New Year.

For further information please see below our brochure attached.

Acting on behalf of a private family property trust, FHP are pleased to announce completion of the sale of the above retail / residential development opportunity in the centre of Nottingham.

This property comprises a period building of two substantial shops occupying basement, ground and three upper floors, located in an undoubted retail location at the junction of St Peters Gate and Bridlesmith Gate. The shops are occupied by The Body Shop and Molton and Brown.  The three upper floors are approached via a separate access off Poultry Arcade, totaling approximately 3,900ft² The Body Shop had recently renewed their lease for 5 years.  Molton Brown who occupy the corner shop with a return frontage to St Peters Gate has a which lease expires in April 2020.

The property currently produces an income of £205,000 but, with the fall in rents, the ERV was considered to be £160,000 per annum so consequently when the lease to Molton Brown expires in April 2020 the rent will consequently fall.

Plans has been drawn up showing how this property can be converted to provide 13 studio apartments which will let at rents between £100 – £125 per week, per person.

The purchasers were represented by heb Chartered Surveyors and Polestar Asset Management. Jon Emmerson of HEB commented:-

“heb and Polestar were delighted to acquire this prominent city centre building on behalf of our client. We believe that there is a significant asset management angle to increase the rental income and capital value”

The quoting sale price was £2,350,000 and a deal was agreed close to that figure.  The purchase price showed an initial yield of 8.78% dropping to 6.86% with the potential of the upper floors.

Noel Roper and David Hargreaves acted on behalf of the vendors but it was particularly pleasing to be instructed as Noel introduced this property to the vendors over 20 years ago and he was therefore delighted to be instructed in the sale.

For more information please contact Noel Roper of FHP Property Consultants on 0115 950 7577.

Noel Roper

Date:  19^th December 2019

Antone Displays Limited have been in occupation on Braunstone Frith Industrial Estate since 1999.  The business has opted for a sale and leaseback due to a restructuring within the management team.  The two properties offer a total of 41,577ft² of industrial/warehouse space with ancillary office content.

The units are to be let on new 10 year full repairing and insuring lease terms with a total net rental income of £198,426 per annum with the benefit of fixed uplift rent reviews in Year 5 taking the net rental income to £210,000 per annum.  The properties are being guided at a net initial yield of 7.2% and a reversionary yield of 7.6% at a guide price of £2.6 million.  Equally there is an option to look at just purchasing one of the buildings alone.

For any further information and details of the investment opportunity please contact either Tim Gilbertson, Alastair Fearn or Chris Proctor on 0115 9507577.

Planning granted to demolish the Former Classic Rewinds commercial building on Park Road in Lenton to construct 3 residential dwellings totally 358m² (3,859ft²).

The site is situated just off Castle Boulevard which is situated excellently to both hospitals, universities and the City Centre.

Anthony Barrowcliffe comments:-

“This is an excellent project for a local developer, builder or investor looking to build out this scheme either retaining the investment or looking to sell off each property individually.  I believe once these properties are built they will be of serious interest to professionals wanting to live within the City.”

For further information please contact Anthony Barrowcliffe on 0115 841 1148 or email anthony@fhp.co.uk.

FHP are delighted and can confirm the sale of Evo Park, a multi-let office and hybrid scheme at Sherwood Park at Junction 27 of the M1 motorway.  FHP Property Consultants acted on behalf of the sellers, Bauland Properties, a fund managed by Praxis Real Estate Management.

The scheme comprises a multi-let estate of office and hybrid buildings boasting an excellent tenant line up including Nottinghamshire County Council, Infosys, NMCN and Zeppelin Systems, totalling some 110,000ft².  The property was purchased with the potential to add future value through increased occupancy levels and rental income.

Mark Tomlinson of FHP Property Consultants, who acted on behalf of the sellers, commented:

“Clearly we are delighted to have secured such a good result for our clients.  We had worked on this scheme for a number of years, adding to a good quality tenant profile with recent lettings to Infosys and NMCN.  The park provides a very good standard of product which is well placed in the market considering an increasing lack of office supply in the region”.

Will Torr of HEB Chartered Surveyors acted on behalf of the purchasers and NG Chartered Surveyors were the joint agents in the sale.

For further information, please contact Mark Tomlinson of FHP Property Consultants on 0115 841 1134 or mark@fhp.co.uk.

Following an extensive marketing campaign, FHP Property Consultants are pleased to confirm the sale of this investment in Hanley, Stoke-on-Trent.

The property occupies a prominent position in a mixed retail and leisure area and is let in its entirety to Papa Johns GB on a 15-year term.  The property has been sold to a private investor at an initial yield equating to 6.2%.

FHP have a number of clients looking to acquire investment properties and we would be pleased to hear from any property owners that are considering a sale.

For further information, please contact Tim Richardson at FHP Property Consultants on 01332 224 857 or email Tim at timr@fhp.co.uk.

Acting on behalf of newly introduced private clients, FHP Property Consultants are pleased to announce the successful completion of Units 14 – 16 Moat Way, Barwell.

The property comprised of three industrial units erected 35 – 40 years ago, totaling 26,000ft².  Unit 14 was let to Bachman Europe Plc on a lease expiring in 2025 and Units 15 – 16 were let to Brookes Jordan Ltd on a lease expiring in 2020.  The current income was £99,000 with an estimated reversionary value of something in the region of £125,000 per annum.

The purchase price agreed was £1,500,000 which after normal purchasing costs showed an initial yield of 6.2%, a reversionary yield of 7.7% and a true equivalent yield of 7.93%.

Noel Roper who acted on behalf of private clients commented;

“Units 14 – 16 Moat Way was the first acquisition for this company and so we were pleased to act in conjunction with Malcolm Grayson of Andrew and Ashwell, who were the selling agents, to agree terms relatively quickly at a figure of £1,500,000.  The benefit of this particular property was the purchase price was underpinned by the vacant possession value so that in the event of one of the tenants not renewing the lease, the opportunity could be taken to either upgrade the units and re-let or to sell with vacant possession”.

For more information please contact Noel Roper of FHP Property Consultants on 0115 9507577 / noel@fhp.co.uk

Noel Roper

Date:  25^th March 2019

I am pleased to announce that FHP Property Consultants have now sold 6 Sherwood Street Mansfield Woodhouse to White Olive Holdings Ltd.

The site is approximately 1.2 acres and consists of land and a commercial building.

The purchaser, James Middleton, Director of White Olive Holdings Ltd plans to move his business Middleton Structures Ltd into part of the existing building and to fully refurbish the remaining office space.

James Middleton plans on delivering a new industrial scheme on the land alongside a potential serviced offices concept within the existing building.

James Middleton, comments:

“Working with Anthony throughout the purchase of 6 Sherwood Street has been a pleasure.  Anthony’s idea’s, knowledge, and proactiveness has certainly been a refreshing experience, from our initial enquiry through to completion and staying in regular contact after completion.  6 Sherwood Street is our largest acquisition to-date and we have appreciated Anthony’s local area knowledge, foresight and idea’s for developing the land. Once we’ve developed the land over the next 12 months, we will be liaising with FHP with a view to marketing the serviced offices and industrial units”.

Carl Hill Shareholder and Director of Circuit Group Ltd commented;

“FHP were recommended to us by a business colleague.  It proved to be a great recommendation!  Anthony at FHP came up with several ideas to stimulate interest and was extremely proactive in not only finding a suitable buyer, but also seeing it all the way through to completion.  We were very impressed by the professional approach taken by FHP and would have no hesitation in recommending them”.

Anthony Barrowcliffe of FHP Property Consultants commented;

“Through extensive marketing and lots of perseverance we managed to find the perfect purchaser for this site.  Circuit Group Ltd were great to work with during the process and we managed to overcome several obstacles together to achieve this sale.  Mansfield is a very popular industrial area; therefore, I am excited to see what Mr. Middleton develops on this site over the next 12-18 months.”.

For further information on how FHP can help with the sale or letting of your commercial property, or for assistance helping you find the right property to meet your requirements, please do not hesitate to contact FHP.  We can also assist with any potential industrial development sites and provide accurate advice on viable schemes.  We also offer a variety of other services to both landlord and tenant such as reducing your business rate liability, or assisting with upcoming lease events such as lease renewals or rent reviews.

For more information on this press release, please contact Anthony Barrowcliffe of FHP Property Consultants on 0115 841 1148 or alternatively email anthony@fhp.co.uk

FHP were recommended to us by a business colleague. It proved to be a great recommendation!  Anthony at FHP came up with several ideas to stimulate interest and was extremely pro-active in not only finding a suitable buyer, but also seeing it all the way through to completion.  We were very impressed by the professional approach taken by FHP and would have no hesitation in recommending them

Working with Anthony throughout the purchase of 6 Sherwood Street has been a pleasure.  Anthony’s ideas, knowledge and pro-activeness has certainly been a refreshing experience, from our initial enquiry through to completion and staying in regular contact after completion.  6 Sherwood Street is our largest acquisition to date, we have appreciated Anthony’s local area knowledge, foresight and ideas for developing the land and his methodical approach.  Once we’ve developed the land over the next twelve months, we’ll be liaising with FHP with a view to marketing several of the proposed units.

One of the features of the market over the last couple of years has been the acute shortage of good quality freehold office premises available to buy.  With build costs pushing up the price of new build premises, modern second hand buildings represent excellent value for money.  Compared to renting, buying an office property either directly or through a pension fund, can provide a very cost effective way of securing premises, frequently with repayments less than the equivalent rent and of course ownership of the building at the end.

FHP Property Consultants are pleased to be able to offer 2 very well located modern buildings to buy.

At Vernon Gate in Derby, we are able to offer a 3 storey premises of 1,635ft² in an excellent established office development with generous onsite parking, walking distance of the City Centre yet adjacent to the inner ring road and available to buy at a guide of £275,000.

Alternatively at Key Point Office Village, Alfreton, we have a well located end terrace modern building of 1,340ft² within a courtyard development, having excellent access to the A38 dual carriage way linking Derby to Junction 28 of the M1. This is available to buy at a guide of £180,000.

Tim Richardson from FHP Property Consultants comments:

 “I would certainly encourage anyone looking for office space to look at buying.  It puts you in control and provides a long term investment, either as an owner occupier business or leasing it to the business.  If you have a requirement for office space, or are looking for an investment in the region then please do get in touch.”

 For further information please contact Tim Richardson at FHP Property Consultants on 01332 224 857 or timr@fhp.co.uk.

This beautiful period detached property was brought to the market with planning permission granted for conversion into 5 residential apartments and has been sold to a local property developer whom specialises in the student residential sector.

The former owners of the property “Oak House Veterinary Centre” choosing to sell this building due to relocating the practice’s main treatment centre to their Mapperley Plains clinic and still running their Carlton surgery alongside, while they search for a more suitable site for a new branch.

The property proved exceptionally popular with several different parties putting offers forward, this demonstrating the demand for opportunities like this in the current market place.

Joe Collingham of Combs Farm Ltd the successful purchaser comments:

“I am delighted with the purchase of this building and feel this will be a great addition to my existing portfolio.  It was a pleasure working with FHP who communicated excellently throughout the process and dealt with everything in an exceptionally professional and efficient manner.  Through this wonderful service and experience with FHP I intend on marketing all of the residential flats through FHP Living once building works are complete”.

 Anthony Barrowcliffe of FHP comments;

“I was thrilled to be instructed on this property and very pleased with the high levels of demand received.  The Landlord was a pleasure to work with and the purchaser delivered on everything promised.  I thoroughly enjoyed working on this deal and witnessed a real appetite within the market place for this kind of development”.

For further information on this sale, or to see how we can help with the sale of your commercial property or to provide assistance helping you find the right property to meet your requirement, please do not hesitate to contact Anthony Barrowcliffe of FHP on 0115 841 1148 or anthony@fhp.co.uk.  

END

FHP Property Consultants acting on behalf of the vendor of 45 Nuthall Road, Nottingham have sold the investment to a private purchaser with Box Property acting on behalf of the purchaser. The investment offered a well let roadside motor trade unit to Halfords Autocentre with a number of years unexpired and potential future up lifts in the rent.

Chris Proctor of FHP who brokered the deal commented :-

“After a competitive marketing period we were able to agree a purchase price with Ben of Box Property for their client at a Net Initial Yield of 5.9% after purchasers costs at 4.4%. Investment opportunities of this size and nature continue to be sought after with a number of investors still in the market for similar opportunities”

Ben Tebutt of Box Property who acted on behalf of the purchaser commented :-

“Very happy to have secured this property on behalf of Willow Tree Pension Fund. It’s a very prominent location let to a strong tenant but with ultimate redevelopment options if it ever became vacant”

For more information on this deal or to see how FHP can help sell or let your industrial or warehouse space please contact Chris Proctor on 0115 950577 or chris@fhp.co.uk.

End

11 September 2018

Acting on behalf of their retained clients, Hillary’s Properties, FHP are pleased to announce completion of the purchase of Units 1, 2, 4 & 5 Central Court, Finch Close, Nottingham, NG7 2NN.   The property consists of 4 self-contained good quality industrial units erected by the Vendors approximately 35 years ago.  In the past it also included Unit 3, but that has been sold off.

Innes England acted on behalf of the Vendor, J Jelley and Son Limited, in relation to the sale of the long leasehold interest at a figure of £1,925,000.  The purchase price shows an initial yield of 7.38%.

Noel Roper of FHP Property Consultants commented;

“We had been briefed by Hillary’s Properties to find further industrial investments and as a result of those negotiations we were able to agree terms with Innes England for the acquisition of this leasehold interest”.

Peter Doleman of Innes England commented;

“The site generated significant interest when we brought it to the market, in view of the strength of the sector and we are now delighted to have completed the sale to Hillary’s Properties”.

FHP are retained by Hillary’s Properties to manage this property and will be implementing outstanding lease renewals on two of the units.

For more information please contact Noel Roper of FHP Property Consultants on 0115 950 7577.

END

The recent sale of two well let small warehouse investments on the Quarry Hill Industrial Estate demonstrates the depth of demand which still exists from Private Investors to invest in this sector.

Unit 2 Griffon Court and Unit 3 Kestrel Close were both let to Silicone Altimex with approximately six years remaining, being sold to Private Investors with the sale prices being very close to the asking prices which reflected a 6% return for the Investors.

FHP have found that the industrial / warehousing sector in particular has proven to be one of the most popular sectors.

I am delighted to offer this opportunity to the market place in three different formats.

• To purchase the existing building and land in its entirety
• To acquire an existing occupied building on a 0.55-acre plot with potential development opportunities
• To purchase the adjacent 0.65-acre plot with approved planning for a 9,000 ft² industrial unit

The existing building already provides a £16,000 return from the current occupiers who have been in occupation since 2011 and terms have been agreed for an extension to July 2019, the lease being excluded from the security of tenure of the Landlord and Tenant Act 1954.

The development land is let on a short-term tenancy agreement and can be brought separately with vacant possession, a pack of information for the consented industrial scheme is available from the agents.

Anthony Barrowcliffe of FHP Property Consultants commented;

“This is a fantastic opportunity and can fulfil several requirements with considerable development options and possibilities. I believe there to be a real commercial angle to this, therefore I very much look forward to discussing this with potential purchasers”.

If you are interested in this unit then please get in touch and we would be pleased to advise you on this.  For further information please do not hesitate to contact Anthony Barrowcliffe of FHP on 0115 841 1148 or anthony@fhp.co.uk.  

Acting on behalf of a private pension fund, FHP are pleased to announce completion of the sale of 1 South Parade, Melton Mowbray.

This was a Period Building acquired by the client over 10 years ago and is let in its entirety to Shoe Zone.

The lease had been renewed from November 2017 on a rebased rent of £34,750 per annum, equating to £40.85 Zone A.

After a limited marketing campaign terms were agreed for the sale of the property to a syndicate operated by Ratcliffe’s of South Audley Street, London, W1.

The price agreed was £505,000 to show an initial yield of 6.55%.

Noel Roper of FHP Property Consultants comments;

“We were delighted to act on behalf of the owners of this property for whom we have acted for over 10 years in effecting a confidential disposal of this freehold retail investment.  The property was only offered to 6 parties and after a competitive bidding situation we were able to achieve what we consider to be an extremely satisfactory purchase price for a 5 year lease, at a yield of 6.55%”.

The purchasers, who are syndicate operated by Ratcliffe’s, were represented by David Bull of Brook Street, London, W1.

END

Noel Roper

Tel: 0115 9507577

Email: noel@fhp.co.uk

Due to Oak House Veterinary Centre relocating its Woodborough Road practise to their other main treatment centres in Mapperley Plains and Carlton I am delighted to offer to the market this opportunity to convert this premises into three 1 bed apartments and two 2 bed apartments.

The property is detached and is set over 3 floors and maintains a lot of its original features, also benefiting from its close proximality to the City Centre with excellent public transport nearby.

Anthony Barrowcliffe from FHP Property Consultants comments:

“This is a beautiful detached period building on the outskirts of Nottingham with approved planning for five residential apartments. I am delighted to be offering this to the market and believe this will prove popular, especially for local developers, builders, and contractors looking for a new project.”

If you are interested in this property, then please get in touch and we would be pleased to advise you on this.  For further information please do not hesitate to contact Anthony Barrowcliffe of FHP on 0115 841 1148 or anthony@fhp.co.uk.  

FHP acting on behalf of Wesleyan Assurance Society have completed the sale of 31-33 Wheeler Gate, Nottingham to a local family property company for a price of £1,325,000.

David Hargreaves of FHP, who handled the sale, confirmed that the premises which are next door to The Halifax and McDonalds are let on short leases at ground floor and basement to Frank Innes Estate Agents and Bureau de Change at a combined rent of £76,250 per annum, with 2 tenants at first floor providing a total income of £90,350 per annum.

Hargreaves went on to say: “The remaining upper floors are vacant and ideal for conversion to apartments. FHP Living have sold more than 50 apartments close by on Hounds Gate and Wheeler Gate where prices have ranged from £165,000 up to £350,000.”

He said: “As we know this market so well the opportunity was offered to a select group of 10 Investor / Developers, of which 6 bid, resulting in a sale well in excess of the quoting price to show the purchaser an initial yield of 6.80% net with development angles.”

END

David Hargreaves

Date:  11 May 2018

FHP acting on behalf of Shoby Properties Limited have completed the “off market” acquisition of the FCUK store on Victoria Street, Nottingham.

David Hargreaves who introduced the opportunity and negotiated the acquisition said:

“The FCUK Building is a stunning building internally and externally and was in the past owned by the old Midland Bank.

I originally let the unit to FCUK many years ago and I can remember Stephen Marks, the owner of FCUK, saying to me on site “I love a building that adds value to my product” which it certainly does and I know they have always traded well from this clever location just off Bridlesmith Gate.”

FCUK trade from 3,000 sq ft at Ground Floor with 1500 sq ft of Basement Stores.  The rent passing is £150,000 per annum.

The 2 upper floors, which provide 5,000 sq ft of accommodation and have been vacant for 25 years, now have Planning Consent for the development of 14 Studios.

Sam Shelton of Shoby Properties Limited said:

“The Building is very special and we will restore the upper parts to create some great apartments.  With the high floor to ceiling height and large windows, the apartments when finished will be more akin to the sort of apartment found in Paris than Nottingham and of course the location is amazing.

The property was sold by George Capital at a price of £2.55 million.

Ben Young of George Capital said:

“David Hargreaves approached us, off market, on behalf of his client, Shoby Properties.  We have worked with David over the years and were therefore comfortable to engage with him on this sale.  Shoby performed quickly, and I am delighted with the outcome.  The property was acquired by George Capital’s first fund in 2014, and the sale has resulted in my investors doubling their equity.”

David Shelton of Shoby Properties said:

“As a private Nottingham family property company we are keen to buy “Trophy Buildings” in Nottingham, particularly where there are development angles as well.  This purchase follows our acquisition of a similar building on Wheeler Gate and an office portfolio next to The Park Estate.”

Peter Dilks and Rachel Kent of the Nottingham office of Shakespeare Martineau acted with FHP for Shoby Properties Limited.  George Capital represented themselves.  Rob Spencer’s team at FHP will manage the property for Shoby Properties.

END

David Hargreaves

Date:  11 May 2018

An ‘iconic’ city centre building on a key route between Nottingham Railway Station and the city centre is to become offices after it was sold to developers.

Nottingham City Council has agreed to sell the “City Buildings” in 28-48 Carrington Street, to developers, Shoby Properties Ltd.

This 19th century block of shops, office space, studios and workshops – which used to be home to the Redmayne & Todd sports shop – was put on the market with an asking price of up to £4m.

Following a national marketing campaign the city council said it has accepted the bid from Shoby Properties Ltd, which now plans to restore the building to its “former glory” externally including all new shop fronts.

The financial details of the scheme have not released due what the city council described as “commercial considerations”, however, the local authority confirmed it had received what it expected for such “a highly regarded site”.

A city council spokesman said: “The sale of City Buildings comes at an exciting time for the south of the city centre. Both the redeveloped Nottingham Station and the public realm improvements along Station Street are complete and the former Job Centre premises, between Station Street and the canal, is being demolished for a new office development.

“The redevelopment of the wider Broadmarsh area is underway, with the replacement of the demolished car park and bus station, the shopping centre and the Nottingham College City Hub all due to start on site later in the year.

“Additionally, plans to redevelop the now cleared Unity Square site, just across the road from Nottingham Station, is still progressing and work has started on three new developments of residential apartments near the station.”

City Buildings houses a number of units across the upper floors, together with a number of retail units on the ground floor, including Caffé Nero on the Canal Street corner.

It is understood that the businesses based in the ground floor units will be unaffected by the sale.

Councillor Jon Collins, Leader of the City Council who represents St Ann’s Ward for Labour, said: “We have been very clear what we want and expect from this building and the bids we welcomed for City Buildings reflected our aspirations.

“Creating more office space in what will soon become a completely transformed area of Nottingham is an attractive prospect for the council and the potential buyers, and I am sure it will be for prospective tenants too, who will bring new job opportunities to the city.

“The regeneration of the south side of the city is a long process, but one that, once completed, will impress people from the moment they arrive in Nottingham.”

David Hargreaves, from commercial property agents FHP who acted for Shoby Properties, said: “Everyone knows the iconic ‘Redmayne & Todd building’ which is a stunning piece of architecture situated in a gateway location.

“The intention is to restore the building to its former glories externally including all new shop fronts and refurbish the internal areas and add lifts to create modern offices fit for today’s technology led businesses. Its location close to the station is perfect for any business that needs quick access to London, whilst staff will be able to get to work by train, tram or bus.”

David Shelton of Shoby said: “Working with CPMG Architects and Gleeds with guidance from FHP, we will provide some of the best offices in Nottingham. Up to 45,000 sq ft will be available as a whole or in floors of 10,000 sq ft, or indeed in part from 3,000 sq ft, in 12-15 months.

“We are long-term investors and look forward to holding this fantastic building, once fully refurbished and let, in the family property company for many years to come.”

End

17 April 2018

FHP Property Consultants are delighted to announce the sale of the office properties at 1-3 Hope Drive and 16 Castle Boulevard which lies at the entrance to The Park Estate, designed by the renowned architect TC Hine.  The property is a fully let office building of some 15,000 sq ft which houses 14 different companies in the tech, financial services and recruitment sectors.  The property was purchased for £1.725 million by Shoby Properties and the new owners will continue to run the building as a business centre.

Mark Tomlinson at FHP Property Consultants who acted on behalf the vendor commented:

“Given the location of the properties and the quality of the internal spaces we were not surprised at the strong interest we received for the building.  The centre presents well and boasts some excellent tenants.  The attractions of the property are the low void rates and future rental growth for the landlord, while the tenants benefit from flexible lease terms which allows their businesses to grow unhindered”.

Will Torr at HEB who acted on behalf of the purchaser commented:

“I’m pleased to have advised Shoby Properties on their recent acquisition of this attractive property situated at the entrance to The Park Estate. The fully let asset comprises a well-presented business centre with good core tenants within a range of sectors. There is a strong prospect of future rental growth and the building will complement Shoby Properties existing portfolio.”

Clients of FHP Property Consultants have acquired The Elite Building on Upper Parliament Street in Nottingham as an investment and have been retained to manage the building.

The property, which was marketed by Knight Frank and had a quoting price of £4.1million, provides an income of some £403,000 and also includes 6,000 sq ft of vacant offices, is home to the INK Night Club, Soulville Steakhouse, French Living and Powerhouse Fitness, amongst others.

The acquisition was handled by David Hargreaves and Rob Spencer of FHP.

Rob Spencer, who heads the Management Department at FHP, said:  “Following the acquisition a contract has been placed for the refurbishment of the external parts of the building and for a certain amount of repairs to bring the property into a full state of repair.

We are also about to submit a Planning Application for a change of use of the vacant offices to provide student accommodation.”

David Hargreaves said: “Knight Frank’s Birmingham Office were quoting a price of £4.1 million, but we were able to secure it for a lesser price, showing our clients a yield of more than 10%, whilst providing longer term refurbishment and development opportunities.”

FHP have been retained as managing and letting agents.

Jonathan Devaney at Knight Frank’s Birmingham Office acted on behalf of the vendors.

END

David Hargreaves

Date:  26 March 2018

Investment properties on long term leases are hard to come by and FHP Property Consultants are pleased to offer a prominently located property let to Papa Johns.

Situated within a popular and retail and leisure destination on Etruria Road in Stoke on Trent, this detached property has been refurbished prior to operation as a pizza delivery business.  The building is two storey and has enclosed yard to the rear sitting on a self-contained plot.  The property is let to Papa Johns (GB) Limited for a term of 15 years without break.

Tim Richardson from FHP Property Consultants who are marketing the property comments:

“We are inviting offers in excess of £400,000, and due to the lot size expect this opportunity will prove extremely popular.  The property lies in an excellent location next to Junction Leisure Park and opposite Octagon and Century Retails Parks so there are a wide range of complementary national operators in the vicinity including Odeon Cinema, 10 Pin Bowling, Mecca Bingo and Grosvenor Casino.”

Further information is available from FHP Property Consultants on 01332 224 857 or email Tim Richardson timr@fhp.co.uk.

FHP Property Consultants have recently concluded the investment sale of Unit 15 Poplars Court which comprises a self-contained office building let to Capital Cranfield.  The sale of the property was agreed in just 2 weeks of marketing through a competitive bidding process and eventually sold to Toadhole Investments.

Mark Tomlinson of FHP Property Consultants who acted on behalf of the seller in the sale commented:

“The investment market continues to be strong with considerable appetite in the sub £500,000 market with many investors seeking to invest SIPP money into commercial opportunities.  Modern and well let opportunities are performing particularly well with the squeeze on available opportunities causing an increase in rental and capital values.”

To find out more information or to discuss your property requirements, please contact Mark Tomlinson at FHP Property Consultants on 07917 576 254 or mark@fhp.co.uk.

FHP Property Consultants are delighted to announce that they have been instructed on behalf of private clients to dispose of a substantial office investment within The Park Estate in Nottingham City Centre.

The property comprises a fully let multi-occupied office building which has recently been refurbished and created into a business centre with some excellent quality business tenants now in occupation.

The property comprises some 14,135 sq ft previously let to a single occupier, which fronts both Castle Boulevard and Hope Drive.

Mark Tomlinson of FHP Property Consultants who is marketing the property commented:-

“Given the growth in the SME sector of the market, we took the view along with our client to subdivide this building to provide a range of small to medium sized offices which have proved popular with many Nottingham based companies.  Following the refurbishment, the property is now fully let to a range of good quality tenants including Hallbrook Partners and Carter Legrand Wealth Strategies, among others.

This property offers an excellent opportunity to invest within one of Nottingham’s prime locations with the scope for both increasing the rent roll and lease lengths.  There is also the future potential to create residential accommodation in the longer term”.

To find out more information on this property or to discuss your investment requirements, please contact Mark Tomlinson at FHP Property Consultants on 07917 576 254 or mark@fhp.co.uk.